Racketeer Weapons and Violent Crime Control Act of 1985

Racketeer Weapons and Violent Crime Control Act of 1985 - Amends the Gun Control Act to define "handgun" as a firearm which has a short stock and is designed to be held and fired by the use of a single hand.

Imposes a waiting period of up to 15 days for a record check before a handgun purchaser is able to obtain possession of a handgun. Requires the licensed importer, manufacturer, or dealer to mail the appropriate form to the chief law enforcement officer of the place of residence of the purchaser notifying the chief of the proposed sale. Requires such chief to perform a record check. Directs the licensee to notify the Federal Bureau of Investigation to allow it to examine Federal criminal records. Establishes a procedure to notify authorities if a handgun has been purchased by someone subsequently found to be unqualified if the licensee receives this disqualifying information after the transfer has occurred.

Prohibits the transfer and possession of machine guns. Enables a person to dispose of an unwanted legally registered machine gun by selling it to the Secretary of the Treasury. Makes such prohibition inapplicable to certain lawfully registered machine guns.

Prohibits the transfer and possession of silencers. Authorized the Secretary to to buy any registered silencers.

Permits gun sales at certain gun shows.

Revises the criteria reviewed by the Secretary in approving applications for licenses. Grants the Secretary authority to suspend rather than to revoke a license.

Eliminates the record-keeping requirements for licensed collectors with respect to transfer of curios to other licensed collectors. Exempts from record-keeping requirements the sale of ammunition in quantities of less than 1,000 rounds.

Allows individuals who have violated the Gun Control Act or the National Firearms Act to apply for relief from the legal disabilities imposed by such statutes. Allows persons formerly found incompetent to lawfully receive and possess firearms when it is found that such possession would not pose a danger to the individual or the safety of the community.

Increases the annual license fee for licensed firearm dealers, pawnbrokers, importers, and manufacturers.

Establishes the Firearms Compliance Fund with the money received from the licensing fees. Allows the fund to be used for grants to States and local agencies to provide assistance in enforcing gun control or the firearm safety program.

Makes a technical correction with regard to the receipt of firearms by a drug addict.